U.S. Sen. Richard Blumenthal demanded that Binance, Tether and two crypto companies linked to President Donald Trump provide documents by Jan. 4, 2027, warning that lawmakers may otherwise resort to compulsory measures. The requests are part of investigations into potential conflicts of interest, suspected illegal crypto transactions and compliance with U.S. law.

The recipients included crypto exchange Binance, USDT stablecoin issuer Tether, World Liberty Financial and Fight Fight Fight LLC. World Liberty Financial and Fight Fight Fight are linked to Trump.

Blumenthal, who is set to chair the Senate Permanent Subcommittee on Investigations, or PSI, said the companies and government agencies had failed to provide requested information.

“Please note that a refusal to voluntarily provide the requested documents and information by January 4, 2027, will leave the subcommittee no choice but to consider alternative measures to ensure compliance,” the letters said.

Trump-linked crypto companies

The investigation involving World Liberty Financial and Fight Fight Fight concerns potential conflicts of interest and the financial activities of the Trump family’s crypto projects.

Blumenthal launched the review in May 2025 amid reports that companies linked to the president may have violated government ethics requirements, conducted transactions with foreign nationals facing federal criminal prosecution and raised investment from foreign governments.

In July 2026, Blumenthal held a public hearing on the Trump family’s crypto business. Participants reviewed testimony from investors in the TRUMP memecoin who reported financial losses.

Lawmakers have also scrutinized alleged financial ties between Binance, World Liberty Financial and the Trump administration. A group of senators, including Blumenthal, previously called for an investigation into the circumstances surrounding Trump’s pardon of Binance founder Changpeng Zhao.

The senators cited a potential conflict of interest involving Binance’s cooperation with World Liberty Financial. Their suspicions are not evidence of wrongdoing.

Binance and Tether scrutiny

A separate part of Blumenthal’s investigation examines the potential use of digital assets in illegal financial operations and the companies’ ties to members of the U.S. administration.

In September 2026, the PSI’s Democratic minority published a report on USDT’s role in Iran’s shadow banking system. Researchers examined 846 crypto wallets linked to Tehran and regional groups and said 84% of the addresses used USDT predominantly or exclusively.

Based on those findings, Blumenthal urged the U.S. Treasury Department and the Justice Department to review Tether’s operations for compliance with sanctions laws and anti-money laundering requirements.

Tether rejected claims that USDT is a safe tool for sanctioned entities. The company said it cooperates with law enforcement and helps freeze assets tied to illegal activity.

Blumenthal also requested information from U.S. agencies in April 2026 about the status of Binance’s independent monitors amid reports of more than $1.7 billion in crypto transactions linked to Iran.

Other investigations

Blumenthal also sent warnings to federal officials, technology companies and other publicly known sponsors of the White House ballroom construction.

He sought information from U.S. Secretary of Homeland Security Markwayne Mullin in connection with an investigation into alleged abuses by immigration services. His requests to ballroom sponsors concerned suspicions that they may have received government benefits in exchange for donations.

Federal Communications Commission Chair Brendan Carr also received a letter concerning the agency’s use of its authority and possible pressure on the media.

Blumenthal expects that, after PSI leadership shifts to Democrats, the subcommittee will be able to pursue document production more aggressively, including through compulsory measures.

Source: Incrypted